IT security company Check Point Software Technologies Ltd. (Nasdaq: CHKP) has beaten analysts' expectations in its financial results for the fourth quarter of 2014. The company reported earnings per share of $1.07, compared with $0.98 in the corresponding quarter of 2013. Revenue rose 9% to $421 million. The analysts had predicted earnings per share of $1.05 and revenue of $416 million.
Checkpoint's GAAP net profit was $186 million in the fourth quarter of 2014 compared with $194 million in the corresponding quarter. Non-GAAP net profit was $203 million, up 6% from the corresponding quarter.
The company also announced that it is increasing its quarterly repurchase of its outstanding shares by 25% up to $250 million and the overall program by 50% to an aggregate of $1.5 billion. In 2014, Check Point repurchased 11.2 million shares for $765 million.
Check Point founder chairman and CEO Gil Shwed said, "We completed the year on a high note, with revenues and EPS at the upper-end of our projections. Our data center and small business solutions produced strong results, underscoring our architecture's ability to address the security needs of customers of any size. Software blades continued to deliver strong growth as more customers adopted our advanced threat prevention technologies. We delivered the Check Point Capsule to secure mobile devices and mobile data, and demonstrated our industry leadership with our Threat Emulation, the only solution to achieve a 100% catch rate for advanced malware."
Published by Globes [online], Israel business news - www.globes-online.com - on January 29, 2015
© Copyright of Globes Publisher Itonut (1983) Ltd. 2015 .